New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-03-31
CLOSING PRICES OF OALTFOavTA STOCKS
SAN Francisco, March 80. 1887.
WEDNESDAY. March 3O-P. VI.

WEDNESDAY, March 3O-P VI.
The stock speculation to-day still fevcsh and I'M
settled partly because OF continued fear OF the money
market. but because the leading operators pur-
best suited by doing nothing to dspcl that
fear Money ruled very steady mt GdGi2 per cent, ana
three times touched per cent There is some sgni
in the urgency with which each time tie highest
rate scored Tie report that money is per cent
was circulated Tomorrow rates. perhaps may be even
higher than they to-day hut there is an abundance
of oanabe capital to meet a demands. and on Friday
April /, that will be supplemented by Treasury dis
burscmcnts OF over 100000 in payment OF
interest the 4 per cents. In Boston to-day
New-YcrK checks ranged at from cents
premium to cents discount 81 900 This indicates
that Boston the great Eastern monetary centre, has
hauscd It's calls upon Ncwlo ana 1t also indicates an
earlier than usual return flow from the East bad "
bank statement saturday is to be expected There
was "A shortage from the last statement which will affect
that of this week. but for the first time in month the
statement VIII he than the banks actual condition
at the close of business Friday night Saturdays state
ment will show larger surplus than shown
by the statement the week In March OF years 1879
to 1888 inclusive.
on Tuesday April s. next. the Interstate Commerce
BIZ will go into operation. There IS every
Indication that 1t Will, from the start
work without friction. Tie railway companies
from the Atlantic 30 the Pacific. and from the 81 Law
and the lakes 10 the Gulf and the Rio Grane have
busy engaged since the passage OF tile act IN
adjusting their methods To its provisions ExJudsc
Cooley is reported havn; already expressed himself
on the power the Commission 10 grant special rates
the long haul when competition OF water makes 1t de
srblc or necessary the interest of the peopeand
what is for the interest Of the people Is for the interest
OF the railways. With Commission so competent "a
the one appointed believed 10 be- there Is no danger
that rates upon Western farm products Will be prohib
itnry although IL is certain that the railways
viii! not they cannot-sacridcc their largo local
business 10 the necessities OF the small through
business The Union Pacific Railroad. probably Is more
dependent its through business than other large
system the country. Yet by It's report printed In THIS
column yesterday Cuesday 1t appears that last year IL
local freight tons per mile was 73727-is1. against
through tons per mile OF 3G7. and its local pass
onger mileage was 1j7sODj3s. against through pass
cnger mileage of 00.722i72. Its gross earnings from
local pa ssengcrs and freight were SlolS71Jc, against
from through passengers and freight ~ G37 ,sGsrom
local. 50 50 per cent from through, 1874 per cent And
through business Is not that alone which goes all the
way across the continents 1t includes business that
passes from another the Union Paciics termni
Assuming that the railways will not sacrifice tie large for
the small busncss-they cannot do 1t and pay operating
cxpenses-thc Interstate Commerce act can have
other effect on the railways In good times than to III
crease their profits and in bad times 1t viii check the
ruinous competition in through business which always
has prevailed despite ronbound and coppcrfasiencd
agreements rs rates ana percentages Of business The
most reckless OF railway managers will hesitate long be-
fore adopting rate through business which, affecting
al the companys local business will sacrifice both stock
and bond holders together The law, II executed holds
MANAGERS 10 a more strict accountability for their acts
than ever before they have been held and III that rem
dcrs the securities a safer investment.
The transactions in stocks amounted only to 296li3
shares against 3Oi O9S shares yesterday aud 100000
shares on Monday The opening figures generally were
lower and the subsequent fluctuations, while generally
small were reflective OF fevcrishncss and inactivity
such thing organized support the days market
entirely lacked From that point Of view the market en-
titled to be regarded strong Whatever efforts
nut forth the shape OF manipulation were toward de-
preston; some large operators, reported 10 be bulls
made displays In offering round lots OF STOCK and yet
considering the late advances tho days declines are In
significant and will not average 30 per cent Oregon
Railway and Navigation and Oregon Transcontinental
were specially strong with advances on reports from
that the Union Pacific had ratified the lease o. the
Oregon Railway and Navigation guaranteeing per cent
on the stock. Hooking Coal and Iron nOta-
i6 The market closed quiet aud steady.
Government bonds continue In good demand and the
bidding is per cent higher for the As and 42s the bids
for the currency js advanced IA per cent An.
nexed are the closing quotations: